Accounting for Sale of Stock On March 5, Spartan sold

Accounting for Sale of Stock On March 5, Spartan sold stock in another company for $12,300. Spartan bought the stock on February 14 for $10,100. Identify and analyze the transaction on Spartan’s books on March 5.

Jan 15 2013 09:29 AM

1 Approved Answer

Chat Now

Subhrata R
answered on October 10, 2017

13968 answers so far

5 Ratings,
(9
Votes)

Gain on sale of stock= Selling price of stock- Purchase Price of stock

Investments in Stocks —Equity Method On March 20, 2009, Reeder Company acquired 80,000 shares of Needed Industries common stock at $32 per share as a long-term investment. Needed has 200,000 shares of outstanding voting common stock . The following additional information is presented

Suppose the following transactions occurred during Lexar Computer lnc.'s first month of business. 1. Two friends together contributed $50,000 from their savings to start Lexar Computer Inc. In return, the corporation issued 100 shares of common stock to each of them. 2 . The company

Garcia Co. owns equipment that cost $82,400, with accumulated depreciation of $43,600. Garcia sells the equipment for cash.
Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $51,20
Posted
23 hours ago

Singh Enterprises, which started business on 1 January 2012, has a reporting period to 31 December and uses the straight-line method of depreciation. On 1 January 2012 the business bought a machine for £10,000. The machine had an expected useful lif
Posted
yesterday

Singh Enterprises, which started business on 1 January 2012, has a reporting period to 31 December and uses the straight-line method of depreciation. On 1 January 2012 the business bought a machine fo
Posted
yesterday

Singh Enterprises, which started business on 1 January 2012, has a reporting period to 31 December and uses the straight-line method of depreciation. On 1 January 2012 the business bought a machine for £10,000. The machine had an expected useful lif
Posted
yesterday

You just hired a former individual tax preparer to be in your tax accounting department. While she has a degree in taxation, all her experience has focused on individual returns.To make sure she completely understands the differences between individ
Posted
2 days ago

Review the cash flow statements of each company in your analysis. Analyze the nature of cash flows from each of the following categories:Cash Flows From OperationsCash Flows From InvestingCash Flows From FinancingAnalyze your individual companies co
Posted
3 days ago